- The buy-in provides security for the defined benefit pensioner and deferred members and gives the Trustees a future option to convert to a buy out
- Transaction marks the first BPA deal completed under the well-recognised Standard Life brand which is now owned by Phoenix Group
Standard Life, part of Phoenix Group, has concluded a £130 million bulk purchase annuity transaction covering all pensioner and deferred members of the PerkinElmer (UK) Pension Scheme (“the Scheme”). This is the first transaction completed under the Group’s recently acquired Standard Life brand, which is well-established in the savings and retirement market.
This transaction demonstrates Standard Life’s ambition in the Bulk Purchase Annuity (BPA) market and follows on from the £1bn buy-in with the Pearl Group, completed earlier this year. As well as providing insurance for the Scheme’s defined benefit pensions and the potential to convert to a buy out in the future, Standard Life has offered the Trustee an option to transfer the scheme’s Defined Contribution funds to a Standard Life arrangement in due course too, which will give members the option of keeping their pensions in one place.
Lane Clark & Peacock (LCP) led the transaction with legal advice provided by Baker McKenzie. DLA Piper advised Standard Life.
Jo Myerson, a Trustee Director at Ross Trustees and the Chair of the Trustee of the Scheme, said: “I’m delighted that the benefits of our scheme members are now fully insured with Standard Life. Thanks to the thorough preparation and collaborative working between the Ross Trustees team, the Scheme’s advisers, LCP and Baker McKenzie, and representatives from the Company, we were well placed to capture an attractive pricing opportunity in the market and execute a transaction efficiently. Since being appointed to lead the Trustee Board, Ross Trustees has placed great emphasis on clear governance and a robust process in order to select the right insurer for our members.”
Rhian Littlewood, Senior BPA Business Development Manager at Standard Life, said: “We are delighted to have been selected to partner with the Trustee and provide a secure home for the pension benefits of Scheme members.
“This transaction demonstrates our expertise and our commitment to the buy-in and buy-out market, and we are pleased to welcome the Scheme members to Standard Life, a brand with a rich heritage of providing long term savings and retirement solutions. The continued growth of our BPA business also allows us to invest further into UK infrastructure and socially responsible projects that provide good returns as well as being vital to post-pandemic growth.”
Laura Davies, Partner at LCP, said: “We’re proud to have helped the Scheme to achieve this great outcome for its members, in Standard Life’s first full buy-in transaction. This is an example of LCP’s continued role in expanding the opportunities for our clients to purchase good value buy-ins and buy-outs from an increasing number of insurers. This follows LCP’s role in advising the M&S Pension Scheme in purchasing Phoenix Group’s first external £470m pensioner buy-in and their first longevity swap conversion for the LV= Employee Pension Scheme.”
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About Standard Life
- Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years
- Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
- Standard Life is part of the Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together
- Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
- We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
- The value of investments can go down as well as up, and may be worth less than originally invested.
PerkinElmer is a global corporation with around 15,000 employees, focused on enabling scientists, researchers and clinicians to address their most critical challenges across science and healthcare.